Fold sells $45M in Bitcoin to wipe out secured debt, bankroll growth

Nasdaq-listed Fold Holdings (FLD) has sold about $45 million of Bitcoin at an average price of $71,000 per BTC, using the proceeds to repay $20 million in Bitcoin-collateralized borrowings and set aside another $25 million for growth plans. The company said the sale clears all secured debt and leaves its revolving credit facility untouched. CEO Will Reeves said the move "reduced financing risk, strengthened our balance sheet, and ensured that short-term market volatility cannot stand in the way of executing our roadmap." Fold expects to direct much of the capital toward expanding its Bitcoin Credit Card business, which moved to full rollout on May 27. More than 1,000 cards were in circulation at the end of the first quarter. The transaction extends Fold's deleveraging push. Earlier this year, it eliminated $66.3 million of convertible notes and recovered 521 BTC that had been posted as collateral. Fold said it still retains a meaningful Bitcoin treasury; Bitcoin Treasuries data suggests it may hold up to 826 BTC, valued at roughly $51 million at current prices.